I see you've already been asking recently here on Trulia for help with this. If you find that you will need credit repair or help improving your score (which you will need) if you go the conventional lending route; then you will certainly want to start getting on that now. In fact, these 2 months of the year are the absolute best months to challenge items on your credit hands down. I would suggest you start early and hit it hard.
If you are looking for seller financing deals; there are those that are out there; but you will certainly need to do much due diligence up front as there can be many, many ways you can be royally burned.
Matt Stigliano, RealtorÂ®
"Your all access pass to San Antonio real estate."
Where there is a will... there is a way.
Your credit score may seem far from the typically required 640 but it can take as little as 2-3 months to get it there. There are various factors that drive a credit score so I suggest a Realtor that works with the right type of lenders that can guide you. Some easy tips would be to pay down existing credit card debt to no more than 20% of the total limit available. If you dont have revolving credit, it is easy to establish it with the right bank.
By the way, there are other programs that can help you including down payment assistance through bond money. Let me know if I can be of help!
Every rate listed on lending tree link that you provided has the APR stated next to it! Bahhhaaaaaaa!
Why does Lending Tree state the APR next to the interest rate?? Because its FEDERAL LAW!
Gotta love realtors!
Terrence Charest states...
I must say that you are wrong. The difference is the advertising of the loan and the actual loan offer for the borrower(s). "Realty Broker" in my opinion was advertising and not making an actual offer. Without actually running a credit check, seeing what monies are on hand and looking at Monica's debt to income ratio Realty Broker can not make an actual offer and would be very foolish to do so.
Here is a Lending Tree link: http://www.lendingtree.com/
NO WHERE in the disclosures does it even mention "APR". Go start your lawsuit with them. Let us know if you win that case, then and ONLY then will I publicly apologize in this forum to you and I would ask everyone else to do the same.
So in your line of thinking, every advertisement that states "...interest rates as low as 3.99%." should also be advertising what the APR would be?? Please.
I bet you're a neighborhood lawyer too. Or are you one of those types that fake a fall in a store to sue them?
Answer, "My interest rate is 4.0% on a 30 year fixed. I am best qualified to help you."
This is a direct violation of Regulation Z of the Truth in Lending Act
To get a 4% purchase rate with a 560 credit score, (which IS NOT EVEN OFFERED on Nov 16, 2010!) how much would the buyer need to pay down in points?? What kind of fees are associated to get a loan at 4% with a 560 credit score???
Realtors, please stay the hell out of finance!
The interest rate and period of payment (both which are mentioned) are "triggering terms" according to Regulation Z and because they are used, additional information should be given.
However, knowing Realty Call Center's other work, causes me to believe they were not offering a loan, but stating what terms they received for their own home loan.
Of course, I would then question what exactly the answer meant - I know people who have had interest rates higher and lower than myself, my personal home loan doesn't determine anyone else's outcome when applying for a loan, so it's really irrelevant.
I'm not sure Realty Call Center is a "chick" either - from what I can tell, the photo is just of a woman with a headset - I believe Realty Call Center is a broker named Joe. I've never understood that quite clearly, though, so I wouldn't quote me on that. Maybe they can clear that up, so I don't wonder about it anymore.
Daniel - Curious, do you have previous real estate experience (other than buying/owning/etc.) or are you just someone with an interest in it all? Always interested in knowing what the non-agents advocates are all about (ie the infamous Dunes).
Matt Stigliano, RealtorÂ®
"Your all access pass to San Antonio real estate."
As a mortgage professional, the lowest credit score I currently see buyers able to qualify for is via an FHA purchase program that will go down to a 600 middle credit score (general FHA guidelines for most lenders are now 640 minimum). Your options presently are 1. Start your homebuying research now while increasing your credit score to at least a 600 (620+ much better) 2. Look at a Owner financing situation. Your interest rate will likely be higher than going through a Conventional/FHA Loan process because the Seller knows you aren't in as strong a financial situation and will want to be rewarded for taking on a 'riskier' loan, thus charging a much higher interest rate. Watch out for owner financing in excess of 8%, unless your know exactly what your getting yourself into. As a secondary option if you elect to do a Owner financed property, you can always refinance with a conventional loan once your credit score allows.
You may consider seller financing as a path to homeownership. Your credit score is so low that probably there aren't many banks or lenders that would consider extending credit to you. You might consider getting your credit profile in good standing first and then look to homeownership which would be the more conservative way to go but long term the best way to set yourself up for success. Good luck!
Hannah Fliegel, FICO Pro
Your best bet is to work with an agent that can recommend you with a good lender ho can help you get your scores up. The process is not easy, but if you are patient them it will pay up at the end.
I know a lender that has helped several of my clients to get their scores up in a matter of 6-12 mo and it is not one of those scam companies that say they will do something and end up hurting you more than helping you.
His name is Jon Nichols with Nichols home lending 210-789-2870 email firstname.lastname@example.org
Please let me know if I can help you in any way, I would love to earn your business and help you in the process of getting your credit fixed and ready to purchase a home!!!!
Keller Williams realty
Start with the Neighborhood Housing Services at 851 Steves Ave. You can go through their home buyer class and get credit improvement suggestions to get you in the buying position. It's very useful information about home purchasing and once you go through that program you can utilize their down payment assistance if you are interested.
I don't know if their December 4th class is full yet so call to inquire. 210-533-8624 or go to
Hope to see you there.
Also, keep paying your bills on time. One late payment can really hurt you. Don't close any accounts, just pay them down or totally pay them off. If you can get your total amount owed on credit down to around 30% that would be ideal. Don't make any major purchases. Once you find a good Realtor to help you get recommendations from that Realtor about what lenders can help someone in your situation. A good lender can really help you find out what steps you need to take to rebuild your credit so that you can qualify for that new home. And I wish you the very best in achieving your goal of a new home. You may need to be patient and work to get that credit score up but home ownership is worth the effort and sacrifice.
Actually, you now need a 640 or better... You need someone familiar with Credit Scores to look over your report and tell you what to do. I gave you the number before, but just in case -- Phil Salemi, Town and Country Mortgage, 210-293-2323... seriously, he is awesome...
Yes, it is possible. On your previous question, I suggested you speak with Ampy Klonek, Townsquare Financial. She will be able to explain how and when this possibility can become a reality.
give her a call, 210-663-4746.
Century21-Scott Myers, Realtors